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This site provides extensive information about the ranges of Edmond de Rothschild Group funds. In particular, it provides simplified access to key fund-related data (performance, net asset values, features) and their commercial or legal documents.

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Investment objective

The objective is to grow its net assets by selecting stocks that are listed on the international equity markets, notably in the infrastructure sector, over the recommended minimum investment period.

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Commentary 31/01/2018

International equity markets (MSCI ACWI) got off to a strong start for 2018, posting a performance of 1.8% (in euros) for January. The upturn is widespread across all major markets: the United States, Europe, Japan and the Emerging markets, all supported by a positive economic outlook and earnings prospects. The IMF has upgraded its global growth forecast from +2.2% to +3.9% for 2018 and 2019. The USD lost more than 3% in January (on the DXY Index). This downtrend accelerated in the wake of comments by US Treasury Secretary Steven Mnuchin on the dollar's weakness, trading at 1.25 against the euro. US long-term rates closed the month at 2.7%, up +30 bps year-to-date. In her final address as Fed chair, Janet Yellen anticipated a rise in inflation for 2018 that would stabilise, in the medium term, around the 2% target. In fact, the possibility of further rate increases was alluded to. European interest rates have shown similar momentum, in the wake of less accommodating rhetoric by the ECB, and expectations of an end to QE, perhaps even as early as this year. This climate of widespread rate hikes is a negative (at least in terms of sentiment) for infrastructure as an investment theme. Fund performance came to -1.4% in January, strongly outperforming the FTSE Core Infrastructure index (-3.7% in euros), but below the general index. This outperformance against the thematic index was due to our efforts to desensitise the portfolio to interest rate risk. The best contributors to the month's performance were Eiffage, Orsted and Guandong Investment. Eiffage has continued to benefit from the positive climate: it won the 1.7 billion jackpot for the construction of the first section of line 16 as part of the Grand Paris Metro project, and highway tolls in France are set to rise in February. Having revised its guidance earlier this month, Orsted finally published an excellent figure for Q4, a robust balance sheet (with negative net debt) and a promising outlook with its Capex down. We have also initiated a position in India on Adani Ports, which should benefit from the growing trade between India and the rest of the world.

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Change in NAV

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Net dividends reinvested Past performance and volatility does not guarantee future performance and volatility which may change over time, and can be affected by fluctuating exchange rates. Performance data does not take into account the fees and charges received when issuing and redeeming units.

Performance K-EUR

Cumulative

Annualised

Since 01/01/2018

-6.01 %

–

-6.01 %

–

1 Year

-0.22 %

–

-0.22 %

–

3 Year

-2.42 %

–

-0.81 %

–

5 year

32.13 %

–

5.73 %

–

Since inception

79.79 %

–

7.56 %

–

Since 01/01/2018

1 Year

3 Year

5 year

Since inception

Cumulative

Share class (K-EUR)

Benchmark

-6.01 %

–

-0.22 %

–

-2.42 %

–

32.13 %

–

79.79 %

–

Annualised

Share class (K-EUR)

Benchmark

–

-0.22 %

–

-0.81 %

–

5.73 %

–

7.56 %

–

*Rolling periods

Annual performance

Net dividends reinvested Past performance and volatility does not guarantee future performance and volatility which may change over time, and can be affected by fluctuating exchange rates. Performance data does not take into account the fees and charges received when issuing and redeeming units.

Statistics

Volatility

Max. drawdown

Share class K-EUR

Benchmark

Share class K-EUR

Benchmark

1 Year*

7.17 %

–

-5.46 %

–

3 Year *

8.39 %

–

-22.66 %

–

Max. monthly gain Since inception

7.36 %

Max. monthly loss Since inception

-12.85 %

Share class K-EUR

Benchmark

1 Year*

3 Year *

1 Year*

3 Year *

Volatility

7.17 %

8.39 %

–

–

Tracking Error

–

–

–

–

Max. monthly loss

-12.85 %

–

Max. monthly gain

7.36 %

–

Max. drawdown

-5.46 %

-22.66 %

–

–

Past performance and volatility does not guarantee future performance and volatility which may change over time, and can be affected by fluctuating exchange rates. Performance data does not take into account the fees and charges received when issuing and redeeming units.

Fund information

Inception Date (Fund)

28/12/2007

Inception Date (Part)

03/02/2010

Legal form

SICAV

Benchmark

MSCI AC World (NR)

Currency (fund)

EUR

Currency (share class)

EUR

Distribution Policy

Accumulation

Valuation frequency

Daily

Minimum initial investment

500000.00 EUR

PEA eligible

ISIN Code

LU1160361934

AuM (fund)

40 M (EUR)

Regulatory authority

CSSF

EU Regulation

UCITS

Management company

Edmond de Rothschild Asset Management (Luxembourg)

Delegated Management Company

Edmond de Rothschild Asset Management (France)

Incorporation

Luxembourg

Representative agent

Paying agent

Maximum management fee

0,850 %

Current management fee

0.850 %

Subscription and redemption conditions

Daily before 12.30 am C.E.T. on day's net asset value

Subscription fee

Redemption fee

Performance fee

Fund documentation

(1) The rating grades the funds on a scale from 1 to 7. This rating system is based on the average fluctuations of the net asset value over the past five years. It corresponds to the variation range of the portfolio upwards and downwards. If the net asset value is less than 5 years old, the rating is determined by other regulatory calculation methods. Historical data such as those used to calculate the rating may not be a reliable indication of the future risk profile. The current category is neither a guarantee nor an objective. Category 1 does not signify a risk-free investment.